The IRS issued some warnings about scams to the public during Tax Security Awareness Week.
We'll keep speaking into this as tax season approaches, but you'll especially want to keep an eye out for...
Phishing scams -- Scammers send deceptive emails claiming to be from trusted sources like the IRS or financial institutions. They use tricks to lure victims, offering fake tax refunds or threatening them with baseless legal charges for tax fraud.
Smishing scams -- Scammers send text messages on smartphones that use alarming language, like account suspension warnings or "Unusual Activity Reports," along with deceptive links. Even expected tax refunds can become targets for these scams.
This is our friendly reminder that the IRS will only contact you by mail to alert you about refunds or balances owed, and their letters never use threatening language.
www.irs.gov
IR-2023-229, Dec. 1, 2023 — To wrap up National Tax Security Awareness Week, the Internal Revenue Service and the Security Summit partners today reminded taxpayers and tax professionals to stay aler...0 CommentsComment on Facebook
It's a good idea to follow up with your debtors and try to collect any outstanding payments by the end of the year. Having cash on hand makes managing your books much smoother.
Now, there are times when it might make sense to delay recording some income until the new year, especially if it could affect your taxes. The same goes for deductible expenses. For instance, if you're planning a significant business deduction, like buying new equipment, it could have a big impact on your taxes one year and an even bigger impact the next.
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Today the Supreme Court will hear the case of Moore v. United States. The case questions whether the federal government can tax unrealized gains. A ruling in favor of the plaintiff could:
- Open the door to lawsuits challenging the tax code
- Cost the government $340 billion over a decade
- Eliminate up to 1/3 of the tax code
- Affect wealth taxes and international tax regulations, with broad implications
- Billionaires might become more untouchable by tax regulations on their investments
It will be interesting to see the outcome of this case.
Supreme Court to consider ‘quadrillion-dollar question’ in major tax case
thehill.com
The Supreme Court will hear oral arguments in early December on a case that has the potential to broadly reshape the U.S. tax code and cost the government hundreds of billions of dollars in revenue…0 CommentsComment on Facebook
Now would be a great time to reconsider your current paycheck withholdings.
Take a look back at the refund you got this year -- was it large?
Or on the flip side: Did you owe more on your return than you expected?
If you fall into either of those categories, you may want to adjust your W-4 before year-end so you can prepare for 2024.
If you have questions about what would be best in your specific situation, we’re here for you.
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The 1099K / $600 reporting requirement has been looming over us since 2021’s American Rescue Plan legislation. And it’s caused a bit of a ruckus for all of us… as well as the IRS … which is why the IRS delayed implementing it in 2022.
Now, in a fit of deja vu, the IRS has once again opted for a 1099K delay. That doesn’t mean you get out of reporting income from selling some of your tickets in your season tickets package or putting your grandmother's collection of antique furniture up for bid online. It just means you won’t necessarily get a 1099K form from PayPal or whichever digital payment platform you use to collect payment for those items.
www.irs.gov
IR-2023-221, Nov. 21, 2023 — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 ...0 CommentsComment on Facebook
We all are trying to figure out this new tipping culture we're living in.
Here's a fun, interactive way to see how you compare to other tippers.
Do You Tip More or Less Often Than the Average American?
www.pewresearch.org
Compare your tipping habits with those of the overall public by visiting Tipping Point, the small town with a big-city feel.0 CommentsComment on Facebook
One thing that should be on your radar: Year-end moves that will affect your 2023 tax positions. Whether it's spending, saving, asset structure, etc ... we only have one more month (or so) before the books close.
After 12/31/23 ... we're mostly confined to "historical" work on your tax files.
Reach out to talk about it.
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